Broadridge’s Distributed Ledger Repo (DLR) platform processed $7.5 trillion of transactions in September as the  fintech expanded its digital asset infrastructure beyond repo with the launch of  DSX, a fully integrated, end-to-end tokenization and digital asset infrastructure platform.

DLR’s average daily volume in September 2026 was $359bn according to Broadridge. Horacio Barakat, global head of digital innovation at Broadridge, said DLR has demonstrated that tokenized market infrastructure can operate at the scale and consistency required for core institutional activity. Broadridge has estimated in a paper that 15% adoption of intraday DLR could reduce intraday liquidity buffer requirements by between 8% and 17%.

Barakat described DLX to Markets Media as a gateway to the digital asset world as clients get a front-to-back platform for integrating tokenized assets.

“That real-world foundation is allowing us to take the next step with DLX, extending the infrastructure and operating experience we’ve built in repo to a broader range of assets and workflows,” he added. “This makes it possible for institutions to bring tokenization into more parts of their business through infrastructure that seamlessly connects with how markets already operate.”

In September 2026 Broadridge announced the launch of DLX, a platform that extends the firm’s capabilities beyond securities financing. Barakat told Markets Media that DLX can be described as an end-to-end, all-encompassing digital asset platform that uses all the capabilities and functionalities that Broadridge has developed and the interoperability capabilities that the firm has created. DLX spans issuance, trading, settlement, servicing, custody, governance and distribution across asset classes and helps financial institutions integrate tokenized assets into existing operating models.

Barakat said DLX provides a new wallet-as-a-service functionality, as well as interoperability and connectivity with existing market infrastructure and connectivity with multiple blockchains. The platform enables firms to integrate tokenized asset activity into existing operating models without having to manage the complexity of fragmented onchain infrastructure themselves, and while maintaining their controls to meet compliance, governance and regulatory requirements.

“DLX allows clients to operate in the digital asset world without needing different books of records, new integrations or a different position keeping system,” Barakat added. “They can keep  the same view and experience as they have in the traditional world.”

He gave the example of a wealth management firm that wants to give access to clients to trade digital assets. The firm can use the connectivity in DLX to provide access to digital and centralized exchanges. Issuers can also mint, issue, service, transact in, and distribute tokenized financial instruments on DLX while banks and broker-dealers can connect issuance, trading, transaction orchestration, settlement, servicing, custody, and market infrastructure workflows.

Asset managers can tokenize and issue funds and investment products onchain, automate lifecycle processes, and connect with institutional, intermediary, and wealth management distribution channels while investors can access and transact in eligible tokenized products, including funds, equities and bonds.

From operating DLR, Broadridge learnt how to scale a digital asset platform. Barakat said: “That is very difficult because it requires technical expertise and requires the right design decisions to make sure that you can support spikes in volume.”

DLR also showed that for a platform to successfully scale, it needs to connect with existing market infrastructure including systems, securities depositories, custodians and exchanges. Barakat added: “Clients want to  consolidate everything they do in digital and traditional markets and that is what DLX provides.”

In addition, Barakat said that using DLR has that given clients the confidence to investigate  tokenization in other asset classes. He added: “They know they can depend on DLR for a critical part of the market which is the lifeblood of financing for institutions.”

DTCC Tokenization Service

DLX offers the necessary capabilities for clients to connect to the tokenization service from DTCC, the U.S port-trade market infrastructure, which is due to fully launch in October 2026, and which Barakat hopes will be a catalyst for institutional adoption of digital assets.

“We are working with a lot of clients on the DTCC Tokenization Service,” he added. “We have weekly sessions with them on how we implement the operating model that we have developed for them to participate.”

He expects October to be just the beginning of the adoption of tokenization, as clients will initially will pick a few trade types, while they work on changing their internal processes.

In addition, NYSE and Nasdaq have regulatory approval to launch platforms to trade tokenized securities. Barakat said: “Every time a large market infrastructure announces that they are going to do something, it certainly draws attention and brings value to the market.”

Ashish Sabadra, business and information services equity analyst at RBC Capital Markets, said in a report that Broadridge management’s base case of a long period of hybrid infrastructure where digital and traditional assets coexist plays into Broadridge’s positioning as the connection between both traditional and tokenized securities for its institutional client base.

“DLX is not a re-architecture of DLR but rather opens latent capabilities already built into the platform,” said Sabadra. “Broadridge also holds a strategic investment in HQLAx for European collateral mobility and ~1.5 billion Canton Coins on its balance sheet recognized as capital markets revenue. Its NYFIX and CQG platforms extend connectivity across 26+ digital asset venues for order routing globally.”